How bullish is Algorand after the latest surge?

Algorand has surged 7% in the past day on renewed strengths
The PoS network recently had a major network update
Native ALGO token has jumped from key support but faces immediate resistance
Algorand ALGO/USD has gained 7% in the past day, defying Monday’s crypto slump. The token currently exchanges for $0.3389 against the USD, with a market capitalization of $2 billion. At the start of the week, major cryptocurrencies tanked significantly. Bitcoin and Ethereum both dipped below $19,000 and